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Buckingham Research analyst, John Zolidis, reiterated his Buy rating on shares of Shake Shack (NYSE: SHAK) but cut his price target to $40 from $45.

SHAK is one of the analyst's favorite early stage growth companies combining a long runway for growth (~60 company-operated locations going to 450) with some of the best unit level economics in the industry (the analyst estimates the average Shack’s annual ROIC at ~36%).